The market gapped lower at the open after META’s earnings disappointed and the GDP report was weaker than expected. The major averages opened lower, but bottomed quickly and rallied pretty much into the close. All the major averages finished near the top of their intraday trading ranges. The losses were from the opening gap. Volume was mixed, about flat on the Nasd and higher on the New York. Leading stocks did better than the overall market. The leaders index gained .82% on the day and closed high in its trading range. Volume was higher and above average. The market sold off at the open after META produced a poorly received earnings report and the GDP numbers came in weak. The action actually showed some strength as the major averages bottomed and rallied the rest of the session. The losses were from the opening gap down. Considering everything the day’s action was ok. Most of the early losses were recovered and leading growth stocks had a decent session. The leaders index and other ETFs of leading growth stocks were higher on the day. Also MSFT and GOOGL reported after the close and both are trading nicely higher in the aftermarket, as of this writing. This should produce a nice gain at the open. The major averages could make a run for their respective 50dma’s, but I don’t think they could do much more than that as this moving average would provide considerable resistance. Jerry
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